(CBS News)
Just before Christmas, American workers got a rare gift from Washington politicians - the current payroll tax cut would be extended for two more months.
At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans.
But there's something the politicians weren't bragging about - the fact that they're paying for the two-month tax cut with what has turned into a brand new fee on home buyers.
The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed loans, and is likely to go much higher.
It will be imposed for the next 10 years on most mortgages and refinancings and it lasts for the life of the loan.
Obama unveils mortgage refinancing plan
Congress preps Round 2 of payroll tax-cut fight
Budget cuts, fees eyed in payroll tax talks
For every $200,000, it amounts to an extra $15 dollars a month.
It's bad news for Patty Anderson, who's buying a home in Virginia.
Anderson will save a couple hundred dollars from having her payroll tax cut extended but her mortgage broker told her the new fee would cost her almost $9,500.
"I was absolutely startled that it would add up to that much," she said.
The $35.7 billion collected in fees won't go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.
Bill Burnett, Anderson's broker and president of the Virginia Association of Mortgage Brokers, said you won't see Congress' new charge in the paperwork, but it's there.
"It's actually built into this [interest] rate. You would never see the fee as a cost to you," he said.
Burnett said the fee will affect a "very large number" of homeowners.
"Your pocketbook is being raided in order to pay for a tax policy issue decided at the last minute by probably people who didn't understand fully what they were legislating on."
CBS News went to Capitol Hill ask what Congress was thinking when they passed the mortgage fee hike. Boehner pointed the finger at the Senate.
"As you're well aware, this bill came over from the Senate. I don't know how they justified it. We would rather have offset that two-month extension with reductions in spending," he said.
But the Senate blamed the House. And Democrats and Republicans blamed each other.
One congressman, Florida Republican Allen West, said he tried to blow the whistle on the whole thing before Christmas.
"I read the legislation and raised the flag. Unfortunately nobody paid attention to what I was saying at the time," he said, calling the fee a backdoor tax increase on the middle class.
"It absolutely is because you're talking about the homeowners - when you're talking about the people that are gonna be using the Fannie Mae, the Freddie Mac, the government-sponsored enterprises - it is absolutely a tax increase on them."
An Obama administration official defended the mortgage fee, calling it "modest." (Modest to who?!?!?!)She said it's "unlikely to negatively affect borrowers" because increases "will be phased in over the next two years." And it will "help bring private capital back into the mortgage market, which [is] good for borrowers over the long term." I’d really be interested in learning what this means – I guess they are saying that people will go to more conventional loans where the fee is not included? But what happens when they do and the tax does not cover the new payroll extension and/or is this a cover because no one can afford a conventional at 15 – 20%. One place to start is learning how many loans are currently being backed by Freddie and Fannie.
Maybe so. But Patty Anderson only knows that for the next 30 years, she'll be haunted by the Washington ghost of Christmas past.
"I think it just looks like Washington grabbing more money," she said.
Monday, February 06, 2012
Tuesday, January 31, 2012
Commerce Makes Me Cry...
I spend a lot of time on the road. Actually, that really may be an understatement. Given the nature of my career which demands quite a bit of road time--showing homes, picking up documents, listing appointments from the Triad to Triangle and having an active 11 year old--let's just say the 'ol Honda gets it's fair share of use.
I40/85 has become a new hang-out of mine, as our team recently expanded into the Triangle market after 12 successful years in the Triad. Several days a week I make the relatively short jaunt back and forth from Winston-Salem to Raleigh, passing all kinds of people, in all makes and models of automobiles but most of all, I see lots of trucks! Flat-beds loaded with machinery, military equipment and lumber; transfer trucks hauling livestock (always seems to be hogs), fast-food replenishment and other freight; and a variety of other multi-axle vehicles designed specifically to carry goods across our state, nation and continent. Let's just say, sometimes it brings a tear to my eye...
I am sure by this point you are asking yourself what the heck I'm talking about and if I have finally gone over the edge...is the economy so poor that I am in tears about it's future? Nope, just the opposite. I am moved to get misty-eyed when I think that somewhere in our great nation and most likely in our great state, an entrepreneur has taken the wherewithal, to think up a product that can make his fellow man's life easier or more full-filled. This same individual produces said product, markets it with a fervor and passion that creates a following (desirability) or a need and therefore the demand becomes so great that he must find a way to bring that product to the masses, thus employing the very vehicles mentioned above.
These multi-colored vessels of commerce are daily testaments to our mind and it's boundless energy. We noticed, with a sad tug of something we might not have been able to identify, when truck-traffic temporarily thinned out after 9/11. Something just wasn't right...we could feel it...
As I drive today across the roads and interstates of North Carolina, along one of the most productive and busiest commercial corridors in the nation, I am reminded of my own potential and the potential of my fellow commuters, as we all play an integral part in the strength of our economy, locally, nationally and globally. It is not only inspiring, but it stirs a place in my soul that reminds me, that I'm unique, I can produce and therefore earn, I can influence our economy...and I will...because I'm an American.
I40/85 has become a new hang-out of mine, as our team recently expanded into the Triangle market after 12 successful years in the Triad. Several days a week I make the relatively short jaunt back and forth from Winston-Salem to Raleigh, passing all kinds of people, in all makes and models of automobiles but most of all, I see lots of trucks! Flat-beds loaded with machinery, military equipment and lumber; transfer trucks hauling livestock (always seems to be hogs), fast-food replenishment and other freight; and a variety of other multi-axle vehicles designed specifically to carry goods across our state, nation and continent. Let's just say, sometimes it brings a tear to my eye...
I am sure by this point you are asking yourself what the heck I'm talking about and if I have finally gone over the edge...is the economy so poor that I am in tears about it's future? Nope, just the opposite. I am moved to get misty-eyed when I think that somewhere in our great nation and most likely in our great state, an entrepreneur has taken the wherewithal, to think up a product that can make his fellow man's life easier or more full-filled. This same individual produces said product, markets it with a fervor and passion that creates a following (desirability) or a need and therefore the demand becomes so great that he must find a way to bring that product to the masses, thus employing the very vehicles mentioned above.
These multi-colored vessels of commerce are daily testaments to our mind and it's boundless energy. We noticed, with a sad tug of something we might not have been able to identify, when truck-traffic temporarily thinned out after 9/11. Something just wasn't right...we could feel it...
As I drive today across the roads and interstates of North Carolina, along one of the most productive and busiest commercial corridors in the nation, I am reminded of my own potential and the potential of my fellow commuters, as we all play an integral part in the strength of our economy, locally, nationally and globally. It is not only inspiring, but it stirs a place in my soul that reminds me, that I'm unique, I can produce and therefore earn, I can influence our economy...and I will...because I'm an American.
Tuesday, January 17, 2012
For ITIN Borrowers There Is Still Housing Opportunity...
Just an interesting bit of info I acquired in the past 24 hours. There are still lenders out there who will loan to folks that have ITINs. If you are asking yourself, what exactly an ITIN is, then you probably don't or won't need one. ITIN, stands for Individual Taxpayer Identification Number. These are issued by the government to documented workers for purposes of collecting taxes.
If you are a holder of an ITIN you can still purchase real estate in the United States, however, it has become more scrutinized as additional information and documentation is now required on the status of the holder's visa. It can depend on the stability of your employment, debt to income ratio and other fairly standard rules of thumb for discerning qualified buyers.
The good news is that this product still does exist. I had been under the impression that it was gone with the plethora of other boutique loans that disappeared.
If you are a buyer looking to purchase a home and have an ITIN, feel free to call me or email me to be put in touch with our Allen Tate Mortgage representative who can assist you in the qualification process.
Brooke
If you are a holder of an ITIN you can still purchase real estate in the United States, however, it has become more scrutinized as additional information and documentation is now required on the status of the holder's visa. It can depend on the stability of your employment, debt to income ratio and other fairly standard rules of thumb for discerning qualified buyers.
The good news is that this product still does exist. I had been under the impression that it was gone with the plethora of other boutique loans that disappeared.
If you are a buyer looking to purchase a home and have an ITIN, feel free to call me or email me to be put in touch with our Allen Tate Mortgage representative who can assist you in the qualification process.
Brooke
Monday, January 09, 2012
Those Pesky Pieces of Paper...
They're everywhere you turn...in a drawer, dog-eared in a book, stuffed in your wallet or crammed in a file--your subtle attempt at organization and accountability. Yet, every year, it's the same thing, pulling all of those receipts together for tax time. Yup! It's that time of year again. Just when you breath that sigh of relief that the last Christmas gift return is made and you are looking to the upcoming Super Bowl and Publisher's Clearing House Sweepstakes, you remember that there's a stack of paper and Uncle Sam gently nudging you "to get it together".
Each January, Jake and I open our credenza and stare wide-eyed and the file of receipts from the previous year. From donations to business expenses and everything in between we vow that next year, we will start with separate files for each group. But like any resolution, life gets in the way and old habits die hard when you're in a hurry with day to day nuances, so the stuffing begins. It's well-intended at first, so few in the file that you can organize them appropriately next week. Then the file balloons a little during the first quarter and you vow that when you turn in your taxes to the accountant in March or April, you'll reorganize then. Well, you're so exhausted by the rigor that the IRS puts you through, you feel as if you are owed a break--receipts be damned, you can do them over the summer but before half the year is up. Fast forward to "back to school" and getting re-organized for the new school year and the file is already starting to look like it ate a ticker-tape parade. By that time, it's too far gone and you know that you'll just organize it over the Christmas break when you have "plenty" of time. Yea right!
So here we are, receipts of all shapes and sizes. Handwritten notes grace their margins and in reality it's a little like a trip down memory lane when you sort them at one time. A timeline of sorts--your personal year-in-review. Easy to tell if the year was good (fat file) or if it was lean. It's a great time to set goals for business planning, technology upgrades and personal savings. Those tiny, tangible tickets of your memories are there for you to study and assess in preparation for your future while appreciating the blessings of your recent past.
Organizing them throughout the year just wouldn't be right...
Brooke
Each January, Jake and I open our credenza and stare wide-eyed and the file of receipts from the previous year. From donations to business expenses and everything in between we vow that next year, we will start with separate files for each group. But like any resolution, life gets in the way and old habits die hard when you're in a hurry with day to day nuances, so the stuffing begins. It's well-intended at first, so few in the file that you can organize them appropriately next week. Then the file balloons a little during the first quarter and you vow that when you turn in your taxes to the accountant in March or April, you'll reorganize then. Well, you're so exhausted by the rigor that the IRS puts you through, you feel as if you are owed a break--receipts be damned, you can do them over the summer but before half the year is up. Fast forward to "back to school" and getting re-organized for the new school year and the file is already starting to look like it ate a ticker-tape parade. By that time, it's too far gone and you know that you'll just organize it over the Christmas break when you have "plenty" of time. Yea right!
So here we are, receipts of all shapes and sizes. Handwritten notes grace their margins and in reality it's a little like a trip down memory lane when you sort them at one time. A timeline of sorts--your personal year-in-review. Easy to tell if the year was good (fat file) or if it was lean. It's a great time to set goals for business planning, technology upgrades and personal savings. Those tiny, tangible tickets of your memories are there for you to study and assess in preparation for your future while appreciating the blessings of your recent past.
Organizing them throughout the year just wouldn't be right...
Brooke
Tuesday, January 03, 2012
A History Lesson...
Over the holiday break, we decided to take a quick jaunt to Colonial Williamsburg/Yorktown and Jamestown, otherwise known as the Historic Triangle. This is a trip we have been wanting to take Maddie on for quite sometime so we headed north the day after Christmas.
We stopped along the way at Shirley Plantation, one of, if not the oldest plantation in Virginia, still owned 12 generations later by the Carter family. We then arrived to a cold rain in Williamsburg and took in a few of the indoor sites late in the afternoon. We spent the remainder of the evening enjoying some 21st century entertainment, watching NCSU win the Belk Bowl. We also took some time to plan the next few days activities and events so that we could absorb as much as we could in the short period we were there. One of the events we planned was a lecture with Patrick Henry which was to commence at 10 am at the Governor's Palace gardens.
We arrived early only to find out that Patrick Henry was under the weather and George Wythe would be speaking in his stead. It all worked out as Mr. Wythe elaborated on the importance of a classical education being made available to the nation and the necessity to keep laws short in length. His recommendation was to keep them down to one page or less to avoid "unnecessary mischief" being embedded subsequent pages. The particular bill he was upset about was a whopping 41 pages filled with all kinds of irrelevant fluff, imagine what our founding fathers would have thought about some of the bills that are passed today, such as health care reform!
The education portion of his lecture was very interesting, for it did not go into detail over what should or should not be taught, however it focused on educating our nation in the skill of thinking for oneself in the classical manner, questioning, debating, basic reading, writing and arithmetic. It struck me how wound-up today's educational system gets over content of text books, zoning and redistricting, when such a large majority of our students don't have the basics mastered. The detriment, described Wythe is that a government that allows for ignorance is one that is doomed for uprisings and class warfare. Our current educational system certainly provides the notion that all are or have the ability to be educated, but as we well know, this education is very "surface" and the lack of depth and true self-improvement has created a society that knows more about the latest video game or Hollywood gossip than the very system that allows or limits our basic rights.
I could ramble on about this at length, however, my point is that the trip opened our eyes up to the challenges the budding country had and the challenges that our current nation still faces. It also further reinforced the notion that our government was established not to dole out rights like rewards or provide us with everything we need to survive on a daily basis, however it was established to make sure that no one or government could encroach on our basic rights. This was configured so that nothing could stand in our way as citizens who were using their minds and bodies to create a better life for themselves. It was not originally contrived as a crutch on which to lean out of lack of ingenuity and effort.
We could all use a little more "schooling" on our country's foundation and three days did nothing but "whet" my appetite to educate myself more on this subject. If you get the chance, jump on 85N, head over to Petersburg, check out the battlefield and Blandford Church, take Scenic Route 5 which winds with the James River and then head into the Historic Triangle for a step back in time.
Brooke
We stopped along the way at Shirley Plantation, one of, if not the oldest plantation in Virginia, still owned 12 generations later by the Carter family. We then arrived to a cold rain in Williamsburg and took in a few of the indoor sites late in the afternoon. We spent the remainder of the evening enjoying some 21st century entertainment, watching NCSU win the Belk Bowl. We also took some time to plan the next few days activities and events so that we could absorb as much as we could in the short period we were there. One of the events we planned was a lecture with Patrick Henry which was to commence at 10 am at the Governor's Palace gardens.
We arrived early only to find out that Patrick Henry was under the weather and George Wythe would be speaking in his stead. It all worked out as Mr. Wythe elaborated on the importance of a classical education being made available to the nation and the necessity to keep laws short in length. His recommendation was to keep them down to one page or less to avoid "unnecessary mischief" being embedded subsequent pages. The particular bill he was upset about was a whopping 41 pages filled with all kinds of irrelevant fluff, imagine what our founding fathers would have thought about some of the bills that are passed today, such as health care reform!
The education portion of his lecture was very interesting, for it did not go into detail over what should or should not be taught, however it focused on educating our nation in the skill of thinking for oneself in the classical manner, questioning, debating, basic reading, writing and arithmetic. It struck me how wound-up today's educational system gets over content of text books, zoning and redistricting, when such a large majority of our students don't have the basics mastered. The detriment, described Wythe is that a government that allows for ignorance is one that is doomed for uprisings and class warfare. Our current educational system certainly provides the notion that all are or have the ability to be educated, but as we well know, this education is very "surface" and the lack of depth and true self-improvement has created a society that knows more about the latest video game or Hollywood gossip than the very system that allows or limits our basic rights.
I could ramble on about this at length, however, my point is that the trip opened our eyes up to the challenges the budding country had and the challenges that our current nation still faces. It also further reinforced the notion that our government was established not to dole out rights like rewards or provide us with everything we need to survive on a daily basis, however it was established to make sure that no one or government could encroach on our basic rights. This was configured so that nothing could stand in our way as citizens who were using their minds and bodies to create a better life for themselves. It was not originally contrived as a crutch on which to lean out of lack of ingenuity and effort.
Brooke
Tuesday, November 29, 2011
Appraisals Setting Market Values? New Trend?
There's always a first. First closing, first fall-through, first family transaction...you get the picture. There's always a first and usually it's not the last, just an indicator of things to come or a flashing warning sign of things to never involve yourself in again. Sometimes you see the red flags and despite years of experience, you fail to heed them. Surely, you think to yourself, this can't be what it seems. Well, usually it is. Walks like a duck, quacks like a duck, again, you get it.
Because I deal with clients from all over the world, I have learned that past real estate experiences in other locations tend to color the transaction that the client and I are currently involved in. Sometimes good, sometimes bad. Poor market conditions, including a glut of inventory, plummeting prices and poor professional guidance can create negative residual reactions for future transactions. Stay with me.
Poor market conditions in another state, coupled with life-decisions being made regarding retirement and downsizing made my buyers paranoid about real estate values and rightfully so. Their home, a once stable investment, did not quite bring what they felt it should in today's market, leaving them with a sour taste in their mouths. Per our conversations, their real estate guidance back home was non-existent. When I asked questions about marketing, contingencies, financing options, etc. they looked at me as if I were speaking parseltongue.
Fast forward...we find a house here that meet their needs and is in the price point that they would like to be in. We have viewed over 50 homes in the past year while their home has been on the market, always toying with the idea of buying before the current home sold. Now that it was under contract, time was of the essence in regards to finding a place for them to rest their heads. Now keep in mind, we have viewed tons of homes in a variety of areas, all similar in spatial needs and between a certain range. We have now located one, which according to my past experience, should mean that this is the best home that the buyer has seen, in regards to condition, location and pricing...(that's how homes make it to number one on a buyers' list).
Time to make an offer. Rather than sit down and look at comparable homes that are active (we have seen all of these) or take an in depth look at similar homes sold in the past 90 days, these folks ask for an appraisal. Wow! Didn't see that coming! I am used to negotiating a price based on what the buyer and seller feel the home is worth in today's market, getting it under contract at terms everyone can live with and then "verifying" the price and terms with a certified appraisal. This seemed all backwards--but was it?
The question that I am taking away from this experience is multi-faceted...Who sets the price? What is happening to fair market value in an era of government regulated loans and appraisals? Since when did buyers and sellers not feel like they have the information to make decisions without being dictated by a third party who knows nothing of their personal needs and real estate desires?
The biggest problem I see with this "new" direction is the lack of comparable homes that appraisers have to work with. If there are not three similar homes sold in the past 90 days then appraisers are digging to find homes that are close in proximity but may be quite different for a variety of reasons. You may say "well they are going to have to do it for the bank appraisal anyway" and you are right, but its funny that once a sales price is set between buyer and seller, unless it is way off base, comps are usually found and adjusted accordingly. It's this "pull a value out of the air" using any homes that the appraiser may personally deem reasonable, that I am trying to wrap my mind around.
So the question begs to be asked...What are your thoughts on pre-appraisals and do you see this as something you would consider doing or is the notion that you are buying the best house out there for you and your family's needs enough to base price on?
Until Then...
Brooke
Because I deal with clients from all over the world, I have learned that past real estate experiences in other locations tend to color the transaction that the client and I are currently involved in. Sometimes good, sometimes bad. Poor market conditions, including a glut of inventory, plummeting prices and poor professional guidance can create negative residual reactions for future transactions. Stay with me.
Poor market conditions in another state, coupled with life-decisions being made regarding retirement and downsizing made my buyers paranoid about real estate values and rightfully so. Their home, a once stable investment, did not quite bring what they felt it should in today's market, leaving them with a sour taste in their mouths. Per our conversations, their real estate guidance back home was non-existent. When I asked questions about marketing, contingencies, financing options, etc. they looked at me as if I were speaking parseltongue.
Fast forward...we find a house here that meet their needs and is in the price point that they would like to be in. We have viewed over 50 homes in the past year while their home has been on the market, always toying with the idea of buying before the current home sold. Now that it was under contract, time was of the essence in regards to finding a place for them to rest their heads. Now keep in mind, we have viewed tons of homes in a variety of areas, all similar in spatial needs and between a certain range. We have now located one, which according to my past experience, should mean that this is the best home that the buyer has seen, in regards to condition, location and pricing...(that's how homes make it to number one on a buyers' list).
Time to make an offer. Rather than sit down and look at comparable homes that are active (we have seen all of these) or take an in depth look at similar homes sold in the past 90 days, these folks ask for an appraisal. Wow! Didn't see that coming! I am used to negotiating a price based on what the buyer and seller feel the home is worth in today's market, getting it under contract at terms everyone can live with and then "verifying" the price and terms with a certified appraisal. This seemed all backwards--but was it?
The question that I am taking away from this experience is multi-faceted...Who sets the price? What is happening to fair market value in an era of government regulated loans and appraisals? Since when did buyers and sellers not feel like they have the information to make decisions without being dictated by a third party who knows nothing of their personal needs and real estate desires?
The biggest problem I see with this "new" direction is the lack of comparable homes that appraisers have to work with. If there are not three similar homes sold in the past 90 days then appraisers are digging to find homes that are close in proximity but may be quite different for a variety of reasons. You may say "well they are going to have to do it for the bank appraisal anyway" and you are right, but its funny that once a sales price is set between buyer and seller, unless it is way off base, comps are usually found and adjusted accordingly. It's this "pull a value out of the air" using any homes that the appraiser may personally deem reasonable, that I am trying to wrap my mind around.
So the question begs to be asked...What are your thoughts on pre-appraisals and do you see this as something you would consider doing or is the notion that you are buying the best house out there for you and your family's needs enough to base price on?
Until Then...
Brooke
Friday, November 18, 2011
Thankful for Thanksgiving!
Whew! I am feeling it! The button on my jeans is crying to be released! The kick-off to the holiday season began today at our Allen Tate office in Winston-Salem. With over 60 agents in attendance and everyone bringing 2-3 side dishes and the staff providing turkey, ham, mashed potatoes and gravy, let's just say, I don't know how I am going to make it to the new year! I looked around the room and I certainly was not the only one feeling the love for this mega-buffet. Plates were bending, folks were eating while in line in order to make more room on their plate, seconds were served and the crock-pot full of gravy didn't stand a chance by the looks of this crowd. We've been waiting for this...
It makes you really appreciate a group of fellow Realtors under one company that can gather to gather, take time out of their busy schedule and share the harvest with each other. Sure war stories were exchanged right along beside the recipes, plenty of ribbing about being airlifted out of the room or having the wrecker service drag someones chair to their office, but it's like one big family complete with love and plenty of sarcasm.
I am thankful not only for such a supportive group of co-workers but also, an amazing company that is always ahead of the technology and marketing curve, a top-notch year where we have grown our team with two additional full-time agents and a full-time assistant, a market where jobs are being created everyday and my family both at home and at work. Sure makes my life a lot more enjoyable and for this I Thank God! Happy Thanksgiving!
Brooke
It makes you really appreciate a group of fellow Realtors under one company that can gather to gather, take time out of their busy schedule and share the harvest with each other. Sure war stories were exchanged right along beside the recipes, plenty of ribbing about being airlifted out of the room or having the wrecker service drag someones chair to their office, but it's like one big family complete with love and plenty of sarcasm.
I am thankful not only for such a supportive group of co-workers but also, an amazing company that is always ahead of the technology and marketing curve, a top-notch year where we have grown our team with two additional full-time agents and a full-time assistant, a market where jobs are being created everyday and my family both at home and at work. Sure makes my life a lot more enjoyable and for this I Thank God! Happy Thanksgiving!
Brooke
Tuesday, November 15, 2011
Luxury Listings...Be the Jewel in the Crown!
As a founding member of Leading Real Estate Companies of the World, Allen Tate Realtors, has access to amazing exposure for your luxury home by way of their Luxury Portfolio. Luxury Portfolio is a dedicated program of print and internet advertising that focuses on, well, you guessed it, luxury living. As we all know, every man's home is his or her castle, so first there has to be a guideline as to what determines a luxury listing. For Luxury Portfolio, a qualified luxury home, must be a residential property price over $750,000.
This figure is the key that opens up a plethora of doors across the world, therefore exposing your home to discerning buyers in every country. Armed with high resolution photography and photos that resonate the quality and unique attributes of these homes, Luxury Portfolio does more than just throw your home into the mix of the millions of homes on the market--it positions it as a unique jewel among others in the "luxury" crown.
Most of the homes in the Luxury Portfolio have online-floor plans that allow you to view the layout of the home. The floor plans coupled with a gracious number of quality photos, allows buyers to really get a feel for the home prior to their visit. The homes appear in a variety of print publications and as sellers, you receive complimentary copies of most of these publications. Homes in Luxury Portfolio also qualify for Wall Street Journal advertising as well as Unique Homes Magazine which you may have flipped through the last time you were at Barnes and Nobel. The homes are also stars in their own YouTube channel available to buyers who like to virtually tour homes.
So what are you waiting for? Thinking of selling your luxury listing? Give Brooke Cashion & Associates a call/text/email and we would love to sit down and share with you not only Luxury Portfolio, but all of the unique goodies that we have to offer. It's company and team tools such as these that have given us a "leg-up" in this market, allowing us to increase our business in 2011 over 30%. Let us share our experience and attention to detail with you!
Brooke
This figure is the key that opens up a plethora of doors across the world, therefore exposing your home to discerning buyers in every country. Armed with high resolution photography and photos that resonate the quality and unique attributes of these homes, Luxury Portfolio does more than just throw your home into the mix of the millions of homes on the market--it positions it as a unique jewel among others in the "luxury" crown.
Most of the homes in the Luxury Portfolio have online-floor plans that allow you to view the layout of the home. The floor plans coupled with a gracious number of quality photos, allows buyers to really get a feel for the home prior to their visit. The homes appear in a variety of print publications and as sellers, you receive complimentary copies of most of these publications. Homes in Luxury Portfolio also qualify for Wall Street Journal advertising as well as Unique Homes Magazine which you may have flipped through the last time you were at Barnes and Nobel. The homes are also stars in their own YouTube channel available to buyers who like to virtually tour homes.
So what are you waiting for? Thinking of selling your luxury listing? Give Brooke Cashion & Associates a call/text/email and we would love to sit down and share with you not only Luxury Portfolio, but all of the unique goodies that we have to offer. It's company and team tools such as these that have given us a "leg-up" in this market, allowing us to increase our business in 2011 over 30%. Let us share our experience and attention to detail with you!
Brooke
Tuesday, November 01, 2011
Trick or Weak?
Ok, I did the parent-thing and braved the pouring rain, drove to a different neighborhood so that Maddie could walk with her friends and basically allocated the entire evening to this "holiday". Much to my surprise (ok, I really wasn't that shocked), kids just don't have the "salt" my generation had when it came to trick or treating.
Not only are costumes bought or basically "stage-quality" these days, but kids just don't have the passion that we had to fill their bags to the brim and to run full-on from house to house before "quittin' time". Maddie's costume was hand-made by my mother-in-law at Maddie's request and let me tell you, it was such a nice costume that I told Maddie it may very well be her Christmas dress or at least be donated to the Little Theatre. Tongue in cheek, maybe, but it definitely was nicer than some of the holiday dresses I owned growing up.
I digress...We arrived at 5:30 across town to enjoy chili with school friends and then as soon as we stepped out of the door into the rain, the complaints began in a cacophony from the 6+ kids in the group. They ranged from:
"I don't want to carry the umbrella will you hold it for me?"..."I don't want to carry my candy bucket, it's too heavy!"..."My feet are wet!"...."My feet are cold!"..."I don't like that candy!"..."I'll just wait here, that driveway is too steep, too far, too dark, too wet"...."I hate this wig"..."Can we go back home?" (this was after two houses!)
Now, all of these did not come from only one kid or even my Maddie (of course not) but let's just say, we left after only an hour of trick or treating. We made our way home in relative silence and decided that we would do some door to door in our 'hood--which we did. Just me and the kid...I'll show her how it's done. Well, Maddie lucked up, we hit over 20 houses in under 15 minutes and because she was on the end of our neighborhood Halloween curfew (something else I have NEVER heard of-who imposes a CURFEW on Halloween?!?!), she got tons of candy because of folks trying to get rid of it. It's all about strategy--SCORE!
I don't know what happened to Halloween in the past 30+ years, but I do know that we only got these kinds of candy ONCE a year and it lasted forever, sometimes we rationed 1-2 pieces a day to make it last. Halloweens of yesteryear (circa 1977-87), were so cold, I had to wear layers of clothes that included long johns, gloves and multiple pairs of socks. It always rained that was a given! The houses were at least a quarter mile apart, not a few feet! My costume was usually thrown together out of my closet but if I was lucky enough to talk my mom into a mask from Roses, it didn't breathe at all and it would be totally wet and gross when I took it off. We started when it got dark and stayed out until the last porch light went out...our parents didn't go with us to each house and we ran until we were drenched in sweat from house to house, shedding layers at will! We walked three miles up hill and back with 20 lbs sacks of candy...Our bags were overflowing and our energy spent...when we got in, we sorted the candy by category, looked for razor blades and drugs (some of us, even took our candy to the hospital to have it x-rayed) and then we gorged! We ate what we wanted and our parents did too, always helping us by eating the Bit-O-Honey's and those black and orange candies that no one knew what they were. A scary movie was always on, like The Howling or Twilight Zone and we curled up and winded down...Come on kids! Next year step it up, train early, let's bring it back old school!!
Not only are costumes bought or basically "stage-quality" these days, but kids just don't have the passion that we had to fill their bags to the brim and to run full-on from house to house before "quittin' time". Maddie's costume was hand-made by my mother-in-law at Maddie's request and let me tell you, it was such a nice costume that I told Maddie it may very well be her Christmas dress or at least be donated to the Little Theatre. Tongue in cheek, maybe, but it definitely was nicer than some of the holiday dresses I owned growing up.
I digress...We arrived at 5:30 across town to enjoy chili with school friends and then as soon as we stepped out of the door into the rain, the complaints began in a cacophony from the 6+ kids in the group. They ranged from:
"I don't want to carry the umbrella will you hold it for me?"..."I don't want to carry my candy bucket, it's too heavy!"..."My feet are wet!"...."My feet are cold!"..."I don't like that candy!"..."I'll just wait here, that driveway is too steep, too far, too dark, too wet"...."I hate this wig"..."Can we go back home?" (this was after two houses!)
Now, all of these did not come from only one kid or even my Maddie (of course not) but let's just say, we left after only an hour of trick or treating. We made our way home in relative silence and decided that we would do some door to door in our 'hood--which we did. Just me and the kid...I'll show her how it's done. Well, Maddie lucked up, we hit over 20 houses in under 15 minutes and because she was on the end of our neighborhood Halloween curfew (something else I have NEVER heard of-who imposes a CURFEW on Halloween?!?!), she got tons of candy because of folks trying to get rid of it. It's all about strategy--SCORE!
I don't know what happened to Halloween in the past 30+ years, but I do know that we only got these kinds of candy ONCE a year and it lasted forever, sometimes we rationed 1-2 pieces a day to make it last. Halloweens of yesteryear (circa 1977-87), were so cold, I had to wear layers of clothes that included long johns, gloves and multiple pairs of socks. It always rained that was a given! The houses were at least a quarter mile apart, not a few feet! My costume was usually thrown together out of my closet but if I was lucky enough to talk my mom into a mask from Roses, it didn't breathe at all and it would be totally wet and gross when I took it off. We started when it got dark and stayed out until the last porch light went out...our parents didn't go with us to each house and we ran until we were drenched in sweat from house to house, shedding layers at will! We walked three miles up hill and back with 20 lbs sacks of candy...Our bags were overflowing and our energy spent...when we got in, we sorted the candy by category, looked for razor blades and drugs (some of us, even took our candy to the hospital to have it x-rayed) and then we gorged! We ate what we wanted and our parents did too, always helping us by eating the Bit-O-Honey's and those black and orange candies that no one knew what they were. A scary movie was always on, like The Howling or Twilight Zone and we curled up and winded down...Come on kids! Next year step it up, train early, let's bring it back old school!!
Friday, October 21, 2011
Lou Baldwin--Carrying the Torch for NC Realtor Association
Great article in today's edition of Triad Business regarding Lou Baldwin, the upcoming President of the North Carolina Association of Realtors. Lou and I have served many years together on various committees and projects both with the Winston-Salem Association of Realtors, Realtors for Burr and others. He is definitely an asset to any organization he is a part of and continues to reach a "hand back" to help those around him to be involved. Enjoy!
Lou Baldwin Faces Challenges and Opportunities Ahead
Lou Baldwin Faces Challenges and Opportunities Ahead
Monday, October 03, 2011
It's Just One of Those...
I see a lot of, homes. It goes with the territory. We tell clients everyday that no home is perfect but a few do come awfully close. Take for example my newest listing at 130 Stanley Farm Road in Kernersville. Now it's a little out of my price range, but if I were looking for great value in the heart of the Triad--this is it!
Priced competitively at $750,000 and situated on 2.53 acres, this home speaks to the owner that pays attention to every detail and knows what it's like to live the "good life". Elegant but not ostentatious, practical but not "simple" this home embodies what Southern living should be.
At first glance, it's hard not to notice the meticulously manicured lawn, edged beds and mature growth trees that surround the property. This level lot sits off of a side road outside of one of Kernersville's most popular subdivisions and is not encumbered by an HOA or restrictive covenants.
Enter the main foyer and you are immediately stunned by the gently curving staircase, soaring ceilings and the wide, custom trim. From the music room with it's palladium window to the arched framing of the great room you still feel as if you can come in and actually relax. Nothing stuffy or presumptuous here. The main level master allows for a majority of main level living if you so choose. Central vacuum, granite counters, hardwoods, custom cabinetry, gracious windows, large pantry, main level laundry with sink, and all of the other high-end "basics" you would expect. Then prepare for the unexpected such as TONS of walk-in attic storage, exterior hot water access, back-access stairs to game/bonus room, two large formed stone, gas-log fireplaces and an entire in law/teen suite in the full-finished basement. Four garage spaces in the main house, three on the main level and one basement garage. There is also a detached storage building with one garage and a workshop area, complete with cooling, electricity and cable! Just beside of this building and tucked into the woods is your very own golf hole!
Custom built by one of Kernersville's most reputable builders you can tell that this home was built with family and friends in mind! Give me a call, I would love to show you this Southern charmer if you are looking in this price range. Otherwise check out the link to view additional photos. Please feel free to give feedback as to how we can make this home show it's true charm in our marketing.
Priced competitively at $750,000 and situated on 2.53 acres, this home speaks to the owner that pays attention to every detail and knows what it's like to live the "good life". Elegant but not ostentatious, practical but not "simple" this home embodies what Southern living should be.
At first glance, it's hard not to notice the meticulously manicured lawn, edged beds and mature growth trees that surround the property. This level lot sits off of a side road outside of one of Kernersville's most popular subdivisions and is not encumbered by an HOA or restrictive covenants.
Enter the main foyer and you are immediately stunned by the gently curving staircase, soaring ceilings and the wide, custom trim. From the music room with it's palladium window to the arched framing of the great room you still feel as if you can come in and actually relax. Nothing stuffy or presumptuous here. The main level master allows for a majority of main level living if you so choose. Central vacuum, granite counters, hardwoods, custom cabinetry, gracious windows, large pantry, main level laundry with sink, and all of the other high-end "basics" you would expect. Then prepare for the unexpected such as TONS of walk-in attic storage, exterior hot water access, back-access stairs to game/bonus room, two large formed stone, gas-log fireplaces and an entire in law/teen suite in the full-finished basement. Four garage spaces in the main house, three on the main level and one basement garage. There is also a detached storage building with one garage and a workshop area, complete with cooling, electricity and cable! Just beside of this building and tucked into the woods is your very own golf hole!
Custom built by one of Kernersville's most reputable builders you can tell that this home was built with family and friends in mind! Give me a call, I would love to show you this Southern charmer if you are looking in this price range. Otherwise check out the link to view additional photos. Please feel free to give feedback as to how we can make this home show it's true charm in our marketing.
Wednesday, September 28, 2011
Lay of the Land...Why a Survey Matters More than Ever!
As a personal rule of thumb and as an Allen Tate company policy we ALWAYS recommend a property survey when purchasing a home or vacant land. I say that up front because so many buyers choose not to have a survey performed when buying. We see the choice made, not to have a full survey frequently in platted subdivisions or existing homes where sellers sometimes provide the new buyer with an old survey, thus luring the buyer into a sense of security which may not always be accurate.
To start, let's define what a survey is. According to dictionary.com a survey is to determine the exact form, boundaries, position, extent, etc., of (a tract of land, section of a country, etc.) by linear and angular measurements and the application of the principles of geometry and trigonometry.
Now, this may sound complicated because it is. Eye-balling corners or assuming that tree lines are boundaries and that fencing setbacks are correct, is not something that a lay-person can perform with any semblance of accuracy. It takes a trained eye to determine boundaries by looking at historical metes and bounds references, old irons and landmarks and other varying documentation and topography.
Recently, surveys have "saved" several of my clients by providing additional information that was not discovered during the abstract research process that the attorney performs for title, by identifying ownership and therefore maintenance obligations of fencing and by determining appropriate setbacks for desired future improvements to the property.
In the grand scheme of things, surveys are a small price to pay in order to make sure you are getting what you bargained for. Not to mention the actual copy of the survey can be attached to or referenced in the new deed in order to insure additional confidence for yourself and future buyers.
So don't skimp...buying real estate is one of, if not the largest investment, you will ever make. Make sure you have a survey every time you buy so you DO get caught holding the "flag"...
Happy House Hunting!
Brooke
To start, let's define what a survey is. According to dictionary.com a survey is to determine the exact form, boundaries, position, extent, etc., of (a tract of land, section of a country, etc.) by linear and angular measurements and the application of the principles of geometry and trigonometry.
Now, this may sound complicated because it is. Eye-balling corners or assuming that tree lines are boundaries and that fencing setbacks are correct, is not something that a lay-person can perform with any semblance of accuracy. It takes a trained eye to determine boundaries by looking at historical metes and bounds references, old irons and landmarks and other varying documentation and topography.
Recently, surveys have "saved" several of my clients by providing additional information that was not discovered during the abstract research process that the attorney performs for title, by identifying ownership and therefore maintenance obligations of fencing and by determining appropriate setbacks for desired future improvements to the property.
In the grand scheme of things, surveys are a small price to pay in order to make sure you are getting what you bargained for. Not to mention the actual copy of the survey can be attached to or referenced in the new deed in order to insure additional confidence for yourself and future buyers.
So don't skimp...buying real estate is one of, if not the largest investment, you will ever make. Make sure you have a survey every time you buy so you DO get caught holding the "flag"...
Happy House Hunting!
Brooke
Friday, September 09, 2011
Beltway Project to Begin Sooner Than Anticipated...
For residents in Forsyth county affected by the Eastern Loop of the beltway, the news that Governor Perdue delivered at Tuesday's Transportation Summit was music to their ears. For almost 25 years the beltway has been proposed to circumvent the ever-congested highways and interstates that dissect Winston-Salem. The swath of the projected path has held up hundreds if not thousands of residents from selling their homes, making basic permitted improvements and has created a sense of uncertainty that only adds major anxiety in already tough economic times.
If a homeowner in the original projected path wanted to sell, they had to disclose that the area may in fact be either purchased or impacted by the road project. This impact could range from something as simple as being several hundred yards away, no closer than they currently were to I40 or from something complex and usually ambiguous such as noise cone projections, landscape berms and buffers or actually seeing their home in the mist of the proposed road bed. Deciphering these complex engineered maps that were provided online and constantly in a state of flux was left best to engineers and other transportation experts. However, even they could not give a timeline, project approval or home buyout offers. As a result, these land and home owners were forced to "sit" on property that had in many cases decreased in value as a result of the proposal. Bottom line was who would want to buy one of these properties without knowing the true future impact whether good or bad? Fast forward to today.
In recent months the DOT has been very aggressively purchasing properties in the proposed area for residents that can fill out the paperwork, get the appropriate letters in place and prove that they have a financial or physical hardship. These hardship purchases in my opinion were a good start and have gone very smoothly with processes in place that all of the sellers and buyers I have worked with, feel are very fair and seamless.
It is my sincere hope that with the Governor's announcement that the remainder of the properties can be acquired beginning in 2013 so that these folks can move on with their lives and rid themselves of the uncertainty that this has brought. According to Perdue's statement, purchases will begin 2013 with construction on the first segment beginning 2014. Folks that is just around the corner and couldn't come soon enough!
Are you being impacted by this project? If so what are your thoughts on the Governor's plan? To read a great summary article from The Triad Business Journal click the following link:
Governor Perdue Commits To Starting Urban Loop
If a homeowner in the original projected path wanted to sell, they had to disclose that the area may in fact be either purchased or impacted by the road project. This impact could range from something as simple as being several hundred yards away, no closer than they currently were to I40 or from something complex and usually ambiguous such as noise cone projections, landscape berms and buffers or actually seeing their home in the mist of the proposed road bed. Deciphering these complex engineered maps that were provided online and constantly in a state of flux was left best to engineers and other transportation experts. However, even they could not give a timeline, project approval or home buyout offers. As a result, these land and home owners were forced to "sit" on property that had in many cases decreased in value as a result of the proposal. Bottom line was who would want to buy one of these properties without knowing the true future impact whether good or bad? Fast forward to today.
In recent months the DOT has been very aggressively purchasing properties in the proposed area for residents that can fill out the paperwork, get the appropriate letters in place and prove that they have a financial or physical hardship. These hardship purchases in my opinion were a good start and have gone very smoothly with processes in place that all of the sellers and buyers I have worked with, feel are very fair and seamless.
It is my sincere hope that with the Governor's announcement that the remainder of the properties can be acquired beginning in 2013 so that these folks can move on with their lives and rid themselves of the uncertainty that this has brought. According to Perdue's statement, purchases will begin 2013 with construction on the first segment beginning 2014. Folks that is just around the corner and couldn't come soon enough!
Are you being impacted by this project? If so what are your thoughts on the Governor's plan? To read a great summary article from The Triad Business Journal click the following link:
Governor Perdue Commits To Starting Urban Loop
Tuesday, September 06, 2011
Five Great Reasons to Sell Your Home--Steve Harney--KCM
5542 Louis Sells Road Kernersville NC 27284--$375,000
5.5 +/- Acres NO CITY TAXES!!
Like this pic? Check out this new listing www.allentate.com/BrookeCashion/621285
Homes Look Better Now! Find Out Why NOW Is the Time to Sell...
New Appraisal Changes Effective September 1st May Impact Lending Practices
In an attempt to make appraisals more uniform and accurate new changes and additions have recently gone into place effective first of September. These changes mean that the timeframe in which a loan closes could be impacted as more detail will be required on these reports. This may in fact be one step in the right direction in a real estate world where comparable properties can be scarce at best depending on the market you're in. The new standards will require the below "ratings" to be assigned to the properties used, including the subject. In my opinion, this will "fix" the problem of appraisers using "comps" that may be similar in size and location but don't always accurately take into account the overall quality of construction, condtion and upgrades to the properties involved. How do you think these changes will effect lending? I am especially interested in hearing those comments from those of you directly involved in the industry...lenders, agents and appraisers. Please note, the information provided below is courtesy of an information email sent to me by Luann Davis of Starkey Mortgage.
Rating Description
C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling has no physical depreciation.
Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwelling provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep)
C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
C3 The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.
C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains usable and functional as a residence.
C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Rating Description
Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinement and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.
Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3 Dwellings with this quality rating are residences of higher quality buildings from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interior that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4 Dwelling with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.
Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration* and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive stock materials with limited refinements and upgrades.
*Fenestration – the design and disposition of windows and other exterior openings of a building.
Q6 Dwelling with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or nonexistent. Older dwellings may feature one or more substandard or nonconforming additions to the original structure.
Rating Description
C1 The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling has no physical depreciation.
Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwelling provided that the dwelling is placed on a 100% new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Recently constructed improvements that have not been previously occupied are not considered "new" if they have any significant physical depreciation (newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep)
C2 The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
C3 The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.
C4 The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.
C5 The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability is somewhat diminished due to condition, but the dwelling remains usable and functional as a residence.
C6 The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.
Rating Description
Q1 Dwellings with this quality rating are usually unique structures that are individually designed by an architect for a specified user. Such residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship and exceptionally high-grade materials throughout the interior and exterior of the structure. The design features exceptionally high-quality exterior refinement and ornamentation, and exceptionally high-quality interior refinements. The workmanship, materials, and finishes throughout the dwelling are of exceptionally high quality.
Q2 Dwellings with this quality rating are often custom designed for construction on an individual property owner's site. However, dwellings in this quality grade are also found in high-quality tract developments featuring residences constructed from individual plans or from highly modified or upgraded plans. The design features detailed, high-quality exterior ornamentation, high-quality interior refinements, and detail. The workmanship, materials, and finishes throughout the dwelling are generally of high or very high quality.
Q3 Dwellings with this quality rating are residences of higher quality buildings from individual or readily available designer plans in above-standard residential tract developments or on an individual property owner's site. The design includes significant exterior ornamentation and interior that are well finished. The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been upgraded from "stock" standards.
Q4 Dwelling with this quality rating meet or exceed the requirements of applicable building codes. Standard or modified standard building plans are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements. Materials, workmanship, finish, and equipment are of stock or builder grade and may feature some upgrades.
Q5 Dwellings with this quality rating feature economy of construction and basic functionality as main considerations. Such dwellings feature a plain design using readily available or basic floor plans featuring minimal fenestration* and basic finishes with minimal exterior ornamentation and limited interior detail. These dwellings meet minimum building codes and are constructed with inexpensive stock materials with limited refinements and upgrades.
*Fenestration – the design and disposition of windows and other exterior openings of a building.
Q6 Dwelling with this quality rating are of basic quality and lower cost; some may not be suitable for year-round occupancy. Such dwellings are often built with simple plans or without plans often utilizing the lowest quality building materials. Such dwellings are often built or expanded by persons who are professionally unskilled or possess only minimal construction skills. Electrical, plumbing, and other mechanical systems and equipment may be minimal or nonexistent. Older dwellings may feature one or more substandard or nonconforming additions to the original structure.
Thursday, August 11, 2011
Docusign--Gone With the Wind?
Agents are always looking for ways to help their clients save time, energy and money during the real estate process. Last year, after much skepticism, I purchased a virtual signature program called Docusign. The premise of Docusign is that you can mark up a contract with virtual signature/initial tags in pdf format and send it via email to your clients for their virtual signature. The process is accepted by the attorney general in all 50 states and has a verification process and affidavit that is supposed to protect consumers.
Upon first use of this product, not only was I hooked but my clients loved it! Why drive to my office or print out a bunch of paperwork that is subject to change daily until a contract is negotiated fully? Why scratch through, highlight and mark up illegible faxed copies to the point they look like hieroglyphic nonsense? Here was Docusign, the latest and greatest in real estate mobility and technology, available even as an app on iPhone and ipads and other smart devices. Wow! We were really making progress from the days of old, when I had to drive into my office to even retrieve voice mails!
Fast forward to today, after a year of Docusign investment, docs and templates saved online and the rest of my team signed up for this amazing service we get this--Notification on Monday that one of my buyers who is getting a conventional loan, needs to come in and give a "wet" signature because conventional lenders are no longer allowing Docusigned contracts. Apparently, there has been fraudulent activity and lenders are trying to double-back and prevent future incidents. Funny thing is, FHA and VA loans are still OK with it and allowing virtual signatures. Now, correct me if I'm wrong, but given recent history, who REALLY needs to be watching out for fraudulent activity on our behalf? Is this yet another example of private industry being ahead of the curve or is this just one more hurdle that buyers have to cross while trying to bolster the economy pretty much on their own?
The other interesting instance that has occurred with Docusign took place on a foreclosure that one of my buyers was purchasing. We submitted the offer via Docusign using virtual signatures, well before this recent notification took place (the good 'ol days) and was informed that we could not use the virtual signatures. I met with my client, received "wet" signatures and resubmitted the offer. Of course, this took several days and by the time the offer was sent to the other agent via scan, the quality was seriously compromised. We did receive the signed offer back from Fannie Mae and guess what? They used Docusign or another form of virtual signatures. I guess the message to take from that is that the government is to be trusted and couldn't be fraudulent...hmmm...feels like a rerun of X files...
Upon first use of this product, not only was I hooked but my clients loved it! Why drive to my office or print out a bunch of paperwork that is subject to change daily until a contract is negotiated fully? Why scratch through, highlight and mark up illegible faxed copies to the point they look like hieroglyphic nonsense? Here was Docusign, the latest and greatest in real estate mobility and technology, available even as an app on iPhone and ipads and other smart devices. Wow! We were really making progress from the days of old, when I had to drive into my office to even retrieve voice mails!
Fast forward to today, after a year of Docusign investment, docs and templates saved online and the rest of my team signed up for this amazing service we get this--Notification on Monday that one of my buyers who is getting a conventional loan, needs to come in and give a "wet" signature because conventional lenders are no longer allowing Docusigned contracts. Apparently, there has been fraudulent activity and lenders are trying to double-back and prevent future incidents. Funny thing is, FHA and VA loans are still OK with it and allowing virtual signatures. Now, correct me if I'm wrong, but given recent history, who REALLY needs to be watching out for fraudulent activity on our behalf? Is this yet another example of private industry being ahead of the curve or is this just one more hurdle that buyers have to cross while trying to bolster the economy pretty much on their own?
The other interesting instance that has occurred with Docusign took place on a foreclosure that one of my buyers was purchasing. We submitted the offer via Docusign using virtual signatures, well before this recent notification took place (the good 'ol days) and was informed that we could not use the virtual signatures. I met with my client, received "wet" signatures and resubmitted the offer. Of course, this took several days and by the time the offer was sent to the other agent via scan, the quality was seriously compromised. We did receive the signed offer back from Fannie Mae and guess what? They used Docusign or another form of virtual signatures. I guess the message to take from that is that the government is to be trusted and couldn't be fraudulent...hmmm...feels like a rerun of X files...
Monday, August 01, 2011
Detering Theives...Article in Weekend Paper...
Maddie, my 11 year old daughter pointed this article out to me over the weekend, she really liked the
"burglar's perspective" of the article. I casually read it and found it very well-written and interesting. Then a good friend and business associate of mine, Harry Davis of CPI Security sent the article out in an email today. I thought that you too might find it helpful and who knows, it could save your life and personal belongings. Stay safe and vigilant!!
http://www2.journalnow.com/lifestyles/home-garden/2011/jul/29/deter-thieves-072911-ar-1249271/
"burglar's perspective" of the article. I casually read it and found it very well-written and interesting. Then a good friend and business associate of mine, Harry Davis of CPI Security sent the article out in an email today. I thought that you too might find it helpful and who knows, it could save your life and personal belongings. Stay safe and vigilant!!
http://www2.journalnow.com/lifestyles/home-garden/2011/jul/29/deter-thieves-072911-ar-1249271/
Sunday, July 10, 2011
Personal Bank Account
Great email from our president at Allen Tate...how will you spend yours?
Gift of 86,400
Imagine that you had won the following prize in a contest: Each morning your bank would deposit $86,400.00 in your private account for your use.
However, this prize has rules, just as any game has certain rules.
The first set of rules would be:
Everything that you didn't spend during each day would be taken away from you.
You may not simply transfer money into some other account. You may only spend it.
Each morning upon awakening, the bank opens your account with another $86,400.00 for that day.
The second set of rules:
The bank can end the game without warning; at any time it can say, It’s over, the game is over! It can close the account and you will not receive a new one.
What would you personally do?
You would buy anything and everything you wanted right? Not only for yourself, but for all people you love, right? Even for people you don't know, because you couldn’t possibly spend it all on yourself, right? You would try to spend every cent, and use it all, right?
ACTUALLY This GAME is REALITY!
Each of us is in possession of such a magical bank. We just can't seem to see it.
The MAGICAL BANK is TIME!
Each morning we awaken to receive 86,400 seconds as a gift of life, and when we go to sleep at night, any remaining time is NOT credited to us.
What we haven't lived up that day is forever lost. Yesterday is forever gone.
Each morning the account is refilled, but the bank can dissolve your account at any time....WITHOUT WARNING.
SO, what will YOU do with your 86,400 seconds?
Those seconds are worth so much more than the same amount in dollars.
Think about that, and always think of this:
Enjoy every second of your life, because time races by so much quicker than you think.
So take care of yourself, be Happy, Love Deeply and enjoy life!
Here's wishing you a wonderful and beautiful day.
Start spending.
Till next time!
“Challenges are what make life interesting, overcoming them is what makes life meaningful!!!” Joshua J. Marine
Gift of 86,400
Imagine that you had won the following prize in a contest: Each morning your bank would deposit $86,400.00 in your private account for your use.
However, this prize has rules, just as any game has certain rules.
The first set of rules would be:
Everything that you didn't spend during each day would be taken away from you.
You may not simply transfer money into some other account. You may only spend it.
Each morning upon awakening, the bank opens your account with another $86,400.00 for that day.
The second set of rules:
The bank can end the game without warning; at any time it can say, It’s over, the game is over! It can close the account and you will not receive a new one.
What would you personally do?
You would buy anything and everything you wanted right? Not only for yourself, but for all people you love, right? Even for people you don't know, because you couldn’t possibly spend it all on yourself, right? You would try to spend every cent, and use it all, right?
ACTUALLY This GAME is REALITY!
Each of us is in possession of such a magical bank. We just can't seem to see it.
The MAGICAL BANK is TIME!
Each morning we awaken to receive 86,400 seconds as a gift of life, and when we go to sleep at night, any remaining time is NOT credited to us.
What we haven't lived up that day is forever lost. Yesterday is forever gone.
Each morning the account is refilled, but the bank can dissolve your account at any time....WITHOUT WARNING.
SO, what will YOU do with your 86,400 seconds?
Those seconds are worth so much more than the same amount in dollars.
Think about that, and always think of this:
Enjoy every second of your life, because time races by so much quicker than you think.
So take care of yourself, be Happy, Love Deeply and enjoy life!
Here's wishing you a wonderful and beautiful day.
Start spending.
Till next time!
“Challenges are what make life interesting, overcoming them is what makes life meaningful!!!” Joshua J. Marine
Friday, July 08, 2011
Do You Need a Pre-Qualification or a Pre-Approval?
Chris Cope, President of Allen Tate Mortgage, posted a great piece this morning on pre-qualification vs. pre-approval letters. These may seem like one and the same for most folks, but with the rising number of contract fall throughs, this is information that we can ALL use!
Pre-Approval vs. Pre-Qualification--Chris Cope--Allen Tate Mortgage
Pre-Approval vs. Pre-Qualification--Chris Cope--Allen Tate Mortgage
Monday, June 13, 2011
How Free Are We?
Always interesting to me is how free we perceive ourselves to be when we are inundated with information everyday leading us to believe that we live in either the most free spot in the world or one where our freedoms are being whittled away each day. Check out this website and let me know your thoughts...How Free Are We?
Freedom of the 50 States-Mercatus
Freedom of the 50 States-Mercatus
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